JPMorgan Chase & Co. decreased its position in Staples Inc. (NASDAQ:SPLS) by 83.3% during the second quarter, Holdings Channel reports. The firm owned 610,720 shares of the company’s stock after selling 3,055,974 shares during the period. JPMorgan Chase & Co. owned 0.09% of Staples worth $5,264,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Concert Wealth Management Inc. bought a new stake in Staples during the second quarter worth $103,000. Lapides Asset Management LLC bought a new stake in Staples during the second quarter worth $106,000. Heartland Advisors Inc. bought a new stake in Staples during the second quarter worth $110,000. Prudential PLC bought a new stake in Staples during the first quarter worth $122,000. Finally, Woodstock Corp increased its stake in Staples by 6.4% in the second quarter. Woodstock Corp now owns 15,028 shares of the company’s stock worth $130,000 after buying an additional 900 shares during the last quarter. 86.59% of the stock is currently owned by institutional investors and hedge funds.
Shares of Staples Inc. (NASDAQ:SPLS) traded down 1.859% during mid-day trading on Thursday, hitting $7.655. 2,477,374 shares of the company’s stock traded hands. The firm has a 50-day moving average of $8.43 and a 200 day moving average of $9.15. Staples Inc. has a 52 week low of $7.59 and a 52 week high of $13.50. The company’s market cap is $4.98 billion.
Staples (NASDAQ:SPLS) last released its quarterly earnings results on Wednesday, August 17th. The company reported $0.12 earnings per share for the quarter, hitting the consensus estimate of $0.12. Staples had a negative net margin of 2.13% and a positive return on equity of 11.20%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the previous year, the company earned $0.12 earnings per share. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. Equities research analysts predict that Staples Inc. will post $0.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Friday, September 23rd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend is Wednesday, September 21st. Staples’s dividend payout ratio is -70.59%.
A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Staples from a “buy” rating to a “hold” rating in a report on Friday, August 19th. TheStreet downgraded Staples to a “sell” rating in a report on Friday, August 19th. Jefferies Group set a $9.00 target price on shares of Staples and gave the company a “hold” rating in a research note on Tuesday, October 4th. Deutsche Bank AG cut their target price on shares of Staples from $9.00 to $8.00 and set a “hold” rating for the company in a research note on Thursday, August 18th. Finally, Morgan Stanley set a $10.00 target price on shares of Staples and gave the company a “hold” rating in a research note on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $10.50.
Staples Company Profile
Staples, Inc is a provider of products and services for business customers and consumers. The Company offers a selection of products, Websites and mobile platforms, and a range of copy, print and technology services. The Company operates through three business segments, which include North American Stores & Online, North American Commercial and International Operations.